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Section 1274.--Determination of Issue Price in the Case of Certain Debt Instruments
Issued for Property
https://www.irs.gov/pub/irs-drop/rr-19-20.pdf
http://accountinginstruction.info/
(Also Sections 42, 280G, 382, 467, 468, 482, 483, 1288, 7520, 7872.)
Rev. Rul. 2019-20
This revenue ruling provides various prescribed rates for federal
income tax purposes for September 2019 (the current month). Table 1
contains the short-term, mid-term, and long-term applicable federal rates
(AFR) for the current month for purposes of section 1274(d) of the Internal
Revenue Code. Table 2 contains the short-term, mid-term, and long-term
adjusted applicable federal rates (adjusted AFR) for the current month for
purposes of section 1288(b). Table 3 sets forth the adjusted federal longterm rate and the long-term tax-exempt rate described in section 382(f).
Table 4 contains the appropriate percentages for determining the lowincome housing credit described in section 42(b)(1) for buildings placed in
service during the current month. However, under section 42(b)(2), the
applicable percentage for non-federally subsidized new buildings placed in
service after July 30, 2008, shall not be less than 9%. Finally, Table 5
contains the federal rate for determining the present value of an annuity,
an interest for life or for a term of years, or a remainder or a reversionary
interest for purposes of section 7520.
Applicable Federal Rates (AFR) for September 2019
Period for Compounding
Annual Semiannual Quarterly Monthly
Short-term
AFR 1.85% 1.84% 1.84% 1.83%
110% AFR 2.03% 2.02% 2.01% 2.01%
120% AFR 2.22% 2.21% 2.20% 2.20%
130% AFR 2.40% 2.39% 2.38% 2.38%
Mid-term
AFR 1.78% 1.77% 1.77% 1.76%
110% AFR 1.96% 1.95% 1.95% 1.94%
120% AFR 2.13% 2.12% 2.11% 2.11%
130% AFR 2.31% 2.30% 2.29% 2.29%
150% AFR 2.68% 2.66% 2.65% 2.65%
175% AFR 3.12% 3.10% 3.09% 3.08%
Long-term
AFR 2.21% 2.20% 2.19% 2.19%
110% AFR 2.43% 2.42% 2.41% 2.41%
120% AFR 2.66% 2.64% 2.63% 2.63%
130% AFR 2.88% 2.86% 2.85% 2.84%
Period for Compounding
Annual Semiannual Quarterly Monthly
Short-term
adjusted AFR 1.40% 1.40% 1.40% 1.40%
Mid-term
adjusted AFR 1.34% 1.34% 1.34% 1.34%
Long-term
adjusted AFR 1.68% 1.67% 1.67% 1.66%
REV. RUL. 2019-20 TABLE 3
Rates Under Section 382 for September 2019
Adjusted federal long-term rate for the current month 1.68%
Long-term tax-exempt rate for ownership changes during the
current month (the highest of the adjusted federal long-term
rates for the current month and the prior two months.) 1.89%
REV. RUL. 2019-20 TABLE 4
Appropriate Percentages Under Section 42(b)(1) for September 2019
Note: Under section 42(b)(2), the applicable percentage for non-federally subsidized
new buildings placed in service after July 30, 2008, shall not be less than 9%.
Appropriate percentage for the 7
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Common Personal Finance Ratios
Resource Multiple Languages: https://1drv.ms/u/s!Ap8mLpFX7uo9geAHAD1cP61Z232KDg?e=xgFoMO
Playlist: https://www.youtube.com/playlist?list=PL60SIT917rv4k3wMvHq17YTu-yRpWhbWZ
Google Classroom: https://classroom.google.com/c/MzY5OTA5NTc1ODA5?cjc=kvlccwl
Class code: kvlccwl
https://accountinginstruction.info/
Personal Finance
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Understanding business travel deductions
IRS Tax Tip
https://www.irs.gov/newsroom/understanding-business-travel-deductions
https://accountinginstruction.info/
Whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. The IRS has information to help all business travelers properly claim these valuable deductions.
Here are some tax details all business travelers should know
Business travel deductions are available when employees must travel away from their tax home or main place of work for business reasons. A taxpayer is traveling away from home if they are away for longer than an ordinary day's work and they need to sleep to meet the demands of their work while away.
Travel expenses must be ordinary and necessary. They can't be lavish, extravagant or for personal purposes.
Employers can deduct travel expenses paid or incurred during a temporary work assignment if the assignment length does not exceed one year.
Travel expenses for conventions are deductible if attendance benefits the business. There are special rules for conventions held outside North America.
Deductible travel expenses include:
Travel by airplane, train, bus or car between your home and your business destination.
Fares for taxis or other types of transportation between an airport or train station and a hotel, or from a hotel to a work location.
Shipping of baggage and sample or display material between regular and temporary work locations.
Using a personally owned car for business.
Lodging and meals.
Dry cleaning and laundry.
Business calls and communication.
Tips paid for services related to any of these expenses.
Other similar ordinary and necessary expenses related to the business travel.
Self-employed individuals or farmers with travel deductions
Those who are self-employed can deduct travel expenses on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship).
Farmers can use Schedule F (Form 1040), Profit or Loss From Farming.
Travel deductions for the National Guard or military reserves
National Guard or military reserve servicemembers can claim a deduction for unreimbursed travel expenses paid during the performance of their duty.
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